c090814 III TigerClosed Session III (Tiger) September 8, 2014
At 7:30 p.m., already in closed session on another matter, began closed session on a different
matter relating to the location or expansion of business in the area, pursuant to NCGS 143-
318.11(a)(4). Commissioners Holmes, Frye, Kemp, Lanier and Haywood were present. Also present
were County Manager Richard Wells; Will Massie, Assistant County Manager/Finance Officer;
County Attorney Ben Morgan; Aimee Scotton, Associate County Attorney; Amanda Varner, Clerk to
the Board; Dana Crisco, Deputy Clerk; Bonnie Renfro, Randolph County EDC President and Kevin
Franklin, EDC.
Bonnie Renfro, EDC President, informed the Board that a confidential high tech plastics
manufacturer is seeking an 80 acre rail served site in an industrial park area. The client is a private
family-owned global company with no debt. She said they are seeking all available incentives from
state and local governments for expansion to meet the growing southeastern United States customer
demand. They are not relocating the company, but due to growth, they are looking to expand.
She said the Goodyear site was submitted to the client as a possibility for a reuse or redevelopment
grant. The Goodyear site has the needed infrastructure, with the exception of the rail spur. The client
will construct a 300,000 square foot building allowing for a planned 100,000 square foot expansion at
a later time. The company will be coming back to look at the property on Monday, September 15th.
While here they plan to meet with realtors and other community leaders to gather information about
schools, businesses, community activities and other various things to see if they feel Asheboro would
be a good fit for their company. They want the 50 salaried employees to desire to relocate to a
location where they choose to establish their expansion.
Ms. Renfro said the company would make investments in phases. Phase One investment would be
$43,500,000 and the transfer of 50 salary positions and 175 new manufacturing jobs. Phase Two
investment would be $14,000,000 and an additional 150 new jobs. The average manufacturing wage
is $20/hour and the average annual wage of the salaried employees is $70,000.
Ms. Renfro said the five year projected revenues are $2,822,105 and the ten year projection was
$5,925,279. With those projections, the EDC suggested a 50% grant match of $1,411,053 over five
years. She said if the Board wanted to be more competitive with an offer they could go with a 50%
match over ten years totaling $2,962,640. The company would still need rail grants with a local match
to construct the spur. The cost of the rail is still to be determined based on the rail layout.
Following a discussion, the Board advised Ms. Renfro to be aggressive if need be. She said she
would update the Board as soon as possible. The company wishes to make a final decision by
November and break ground in January.
At 7:40 p.m., closed session ended on this topic.
J. Harold Holmes, Chairman Darrell L. Frye
Phil Kemp
Arnold Lanier
Stan Haywood
Amanda Varner, Clerk to the Board